Payment order and disclosure deadline
The Edge Malaysia reported the payment directive. Bursa also gave Zetrix until November 11, 2026, to fully disclose its material financial condition, according to a commentary published on Newswav.
The commentary interprets the order primarily as an effort to secure a definitive financial disclosure. It argues that Bursa cannot override the Companies Act 2016 by requiring a dividend payment that would violate the law's solvency requirements.
Under that analysis, Zetrix could pay only if its directors could sign the required statutory Solvency Statement. The commentary says directors who signed despite the company being cash-deficient would risk up to five years in prison and personal liability for an illegal distribution. If they could not sign, the dividend would be legally blocked.
The author presents two possible outcomes: payment if Zetrix has sufficient funds, or disclosure of insolvency through a material announcement, such as a PN17 status or debt restructuring notice, by the November 11 deadline. The piece argues that Bursa is placing legal, financial and reputational responsibility on Zetrix's board while minority shareholders remain exposed to losses. That assessment of Bursa's motives is the commentator's interpretation.
Board departures and employee options
In its November 6, 2026, directive, Bursa Malaysia Securities expressed serious concern about developments beyond the overdue final dividend. These included Zetrix's withdrawal of its declared FY2026 interim dividend, departures of independent directors and external auditors, and issuance of employee share options. Bursa also cited the financial and operational effects of suspending Zetrix and its subsidiary as collection agents for the Road Transport Department, known as JPJ.
All of Zetrix's independent directors had left by the end of October. Its external auditor, TGS TW PLT, had resigned about a month before that.
Against a backdrop of cash-flow pressure and a sukuk covenant breach, Zetrix offered employees 788.83 million share options priced at 5.4 sen each. Recipients were allowed to exercise the options immediately.
Share sales and sukuk default
The covenant problem arose from forced share sales in late August 2026 by Wong Thean Soon, Zetrix's managing director, co-founder and then-largest shareholder. A condition of the company's RM2 billion sukuk program required Wong to remain its single largest shareholder.
Margin calls forced sales that reduced Wong's holding from nearly 30% to 1.84%. Since late August, the share-price decline has erased more than 90% of the group's market value.
MARC Ratings cut the sukuk program's rating to D-IS, a default rating, on November 6 after Zetrix failed to pay a RM25 million obligation due that day. The agency had lowered the rating to C-IS on October 30 and said it would cease analytical coverage of Zetrix AI.
Unremitted collections and additional tax bill
Transport Minister Loke Siew Fook said on October 27, 2026, that the government was pursuing legal action, including civil suits, against Zetrix and its subsidiary MyEG Sdn Bhd over RM314 million collected for JPJ but not remitted. Police and the Malaysian Anti-Corruption Commission were jointly investigating both companies, he said.
MyEG also received an additional tax assessment of RM353.13 million from the Inland Revenue Board. The bill concerns transfer pricing for the 2021 through 2023 assessment years.
